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the most to lose than anyone i know but the only way to fix the economy. >> eric: president obama wants tax cuts to expire for everyone except those making under $250,000 a year. john boehner plan "b" making $1 million. this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >>
, the obama tax cuts. then he will be able to reinstate those across-the-board sequestration cuts to gut things like defense, national institutes of health. he will be able to reinstate a lot of programs and give his caucus the opportunity to say, look, i am voting for something and to restore tax cuts for the middle class. i am voting to restore the great things. and the republicans are going to be in a really tough position because no one's going to say, let's vote to restore the tax cuts for the rich. this is his game plan from day one. >> what's the alternate sniff $250,000 and above -- everything we see -- obama is not offering cuts at all. he is lock looking for spending. >> he is managing the message. so it seems like he's being conciliatory. boehner hassen a lot of heat. he has taken a ton of slack on this. he was given a tential hand of cards. but he came to the table. he tried to at least bring something to the floor. mitch mcconnell knows he is not going to be able to pass anything, any tax cuts. kimberly that, wouldn't pass the senate. let me tell you that. >> allow me to int
into the eleventh hour. it's that president obama has retreated on his hard line on taxes. obama may think his conciliatory approach has helped avoid economic chaos. instead, he is courting it." i want to go right to jimmy williams because you have been a senate staffer. you understand how this thing works. why would the white house even bother to increase from 250,000 to 400,000. they don't really have to. they're winning this fives fight. >> the only people that actually care whether or not the threshold is 250,000 to 400,000 are these people that are going to vote on it. nobody else really cares. all they really care is that you get a deal. these people are sitting at ground zero. these snores, these liberals. i'm a liberal. i don't care what the thereby hold is. i don't give a damn if it's a million. i just want them to get a deal or go over the cliff, but somebody just make up your mind up on capitol hill. that's what the american people would like to hear. here's the bottom line. even if they do get a deal at 450,000 or 500,000 or whatever that number is, barack obama will sign into law
to be hammered out shall the threshold for extending the push tax cuts and president obama campaigned and sounds like, 400,000 may be where they're heading. a leader says that permanency is key, and fixing the death tax and a permanent solution for the alternative minimum tax which threatens 28 million americans every year, would also help win republican support, heather. >> mike emanuel reporting from washington with the latest, thank you, mike. >> kelly: heather and mike, thank you very much. and president obama trying to light a fire under congressional lawmakers, urging them to come up with a deal after friday's bipartisan white house summit. >> we're now at the last minute. and the the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> kelly: so the question becomes, why can't washington seem to work this out? why has it taken so long when they knew they had this fiscal cliff coming to them? joining me now for a fair and balanced debate on the topic, angela mcglowan is with us, and mark hanna, a strategist and former aide to the john
if they hold it up, past january 1, the first bill the democrats will introduce, ar te the obama tax cuts and he proposes to relower the rates -- >> if they don't do something the taxes go up for everybody. >> yes. and the president proposes relowering them to somewhere near bush rates for everybody under 250 and the republicans don't want to be in a position of stopping that. >> chris: but why, byron, were they unable to do anything about the real problem? i mean -- if you take the amount 0 -- say, 400,000, it would be $600 billion increase in revenue to the government, over the next ten years. $600 billion, in terms of a deficit of $16 trillion, going up, by another 2.5, $3 trillion in the next ten years is peanuts. >> you heard lindsay graham talk about entitlement reform and the debt ceiling issue but if you look at -- among democrats, especially, further to the left, since the election, their feeling has been, president obama won, we will not take this out of seniors, we will not take it out of medicare, we will not take it out of social security. no cuts, and those things and that p
passes the obama tax cuts, if we go off the cliff and the economy does slide into recession. if we do get downgraded because there's not enough spending. in the long-term, the economy will suffer, but republicans may be able to say we tried to stop this, this is obama's deal, now he owns it. >> but they need to do better with communicating that exact message, really, if you look at what's going on here, obama has been persistent and bullheaded saying, it's my way or no way and i think he can wants to go over the cliff to demonize and at the same time bullying the middle class. >> and in the short-term run, that it is inevitable that the democrats will say you guys, you republicans, you put us offer the cliff because you were defending your rich millionaire friends, it's inevitable they will say that and that's a winning political line in the short-run. and over that, however, and you ask where is the leadership from this president, where is it? >> and here, stuart. >> doesn't he agree with you. >> americans with funny accent. let me ask you this question, explain to me and to the american
continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000 while many congressional republicans have pushed back on any increase in taxes. >> they say that the biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> but senators say there is some movement on the issue. >> there's a lot of give and take right now but republicans doan want to see new revenues in other words, tax increases be used for spending. >> the president says if there's no deal by the end of the day, they should draw up a new tax plan. >> there should be a right to vote. if republicans don't like it they can vote no but i actually think there's a majority support for making sure the middle-class families are held harmless. >> a white house proposal to increase estate taxes also held up negotiations over the weekend. now, even if the democratic-led passes, it still has to get
this is they know if they hold this pass january 1 the first bill the democrats will introduce are the obama tax cuts in which he proposes to relower the rate on everybody. >> chris: but you if they don't do anything the taxes go up for everybody. >> and the president proposes relowerring them back to rates for are everybody under 250 and republicans don't want to be in a bulldogs o position of stopp. >> chris: why were they unable to do anything about stopping real problem?lem fo if you take the amount raised. $600 billion increase in revenue to the government over the next ten years. $600 billion in terms of a deficit of $16 trillion going up by another 2.5, $3 trillion in the next ten years is peanuts. >> you heard lindsey graham talk about entitlement reform and that is what republicans want to press and a debt ceiling issue. if you look at sentiment among democrats especially further to the left since the election their feeling has been president obama won and we will not take this out of seniors and we will not take this out of medicare or social security. no cuts in those things. that pos
that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goe
.2 trillion in federal spending cuts kick in. the payroll tax holiday enacted under president obama will expire. the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when senate gets back network. where are they divided inspecifically divided at what salary taxes should increase but there was progress in terms of tax increases for the wealthiest of americans, also avoiding the inheritance tax increases and democrats say that they are grateful republicans have given up a demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused repub
the between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000. while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure we deal with the deficit in a serious way. but the way they're behaving is that their only provide or the is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senators say there is some movement on the issue. >> there's a lot of give and take going on right now. but republicans don't want to see new revenues -- in other words, democrat tax increases -- being used for new spending. >> reporter: the president has said if there is no deal by the end of the day, the senate should draw up legislation to extend the bush-era tax cuts for the middle class. >> there should be an up-or- down vote. everybody have should a right to vote on that. if republicans don't like it, they can vote no. but i actually t
prepare for that. they would do things. because nobody knows what will happen, obama care taxes are kicking in next year, unavoidable. a whole host of other taxes are i can cking in that are unavoidable. to plan for even something worse is difficult right now when you really don't know what other taxes are coming. that's the real problem. we don't know what else is in store. the other thing is, one of the other problems with the president is his economic literacy has never been very high. i think that scares -- >> what do you mean by that, his economic literacy? i mean i think i know, but i just want to -- >> lits -- listen, the president is a smart man. he wept to some good colleges, but when it comes to the economy, listen. much makes no sense. i'm talking democrat, republican, he says stuff -- this is just based on what he says, what he says affects prices. what he says about the need to raise taxes on the upper income like that will be good for the economy. that will not be good for the economy. if you are making 250 and you are a small business you are employing people and
in 2013 and 2014, but i do think it's obama's economy now. the republicans passed the tax cuts for one group, let's say all the way through, not the very top group, i don't know where that negotiation is going to come out, but if they do that, i think that they will be held blameless for the economy. lou: as we wrap up here, i would like to ask you a question this way. because i said last year that i felt strongly at the beginning of the campaign. the democrats were the republican -- the democrats or the republicans, which party led the discussion to the enduring that of the middle class sure enough, president obama shifted to a middle-class message that resonated, if only at the margin that was sufficient for victory. are the republicans learned anything here? are they going to start talking about working men and women? working class and the american dream. >> i think they are. i think the presidential race waa real problem. because it was never growth. it was always about this and that and detail. romney wasn't the issue. the issue was obama. it was the worst single recovery in the u
're not adding in the obama increase in petrol taxes. it's over 40 percent. that it's all businesses, subchapter s corporations, elsie's. the larger corporation, the corporate tax rate goes down. that makes them feel good. the businesses that will be hit by these tax increases are the very small and midsize businesses that create jobs ame people that get hit with obamacare, the energy increases, and a larost increases. lou: what if i told you that it makes some sense. give him at the margin what he wants on taxes. whether that's on investment tax , camping deductions. basically what mitt romney was proposing. get that done. then say what you going to do? you going to still be left if you roll all of hat up. you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxes.. so a fair share argument really is it -- lou: you're getting a again start out ere. yourast shot. >> mr. president, please, pase work with the business community. we
combined mpg c-max hybrid. >> julia: in four days several taxes tied to obama care will go in to effect including the medical device tax. healther found out it is about to impact every american. good to see you. >> that is right. this will pact every consumer. a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be ab
. president obama originally wanted the tax cuts extended only four families making over $250,000 a year. as both sides make difficult concessions, the two sides appear to be inching closer to a deal. whether they can close a deal by midnight remains a question. >> want everybody to know that i'm willing to get this done. i need a dance partner. >> if there is an ultimate compromise, there will be parts of it that i find it disgusting and reprehensible. if lawmakers did not reach a deal by midnight tonight. you will likely not see a big change in their next paycheck. a lot of businesses use 2012 withholding rates. if you want to check out how much this fiscal cliff falloff will affect your next pay check, had to this web site. half a bill to legalize same sex marriage in illinois could come before state lawmakers in springfield as soon as this week. a white house spokesman tells the chicago sun-times, president obama is urging lawmakers to approve the "religious freedom and marriage fairness act". the spokesman says if the president were still in the legislature, he would support a mea
, $250,000, a ceiling if you will over which your taxes would go up. $400,000 was the last obama offer that we heard of. $450,000. the new democratic offer that we're hearing of. the gop is seeking to get it up to $550,000 per and um for income. and remember plan b that blew up in the face of house republicans? a million dollars and above and that is the key question as we head into this. what will the house of representatives do if the senate were to reach this deal with joe biden today? >> as the senate convenes we see them gathering on the left-hand side of the screen right now, very quickly is it even physically possible, we have 13 hours to do this. >> reporter: sure. but in the senate in particular that's usually the place where things get clogged up. they can really do anything if they get everybody onboard. unanimous consent, not to bore everybody with procedure but they can basically wave their hands over this thing if no one stands up to object. the house, however, ironically, may be kind of a different story where they normally can jam things through. we'll see what happens
that will be done by the tax increase that is coming. >> chris: you would go for the stripped down obama plan? >> i would go for what the speaker tried to do late last week and try to get the number up from $250,000. yes, there is going to be a tax increase on the wealthy. i would try to protect investments as much as possible. do the amt patch. have a reasonable deal on estate taxes. i'm a squish on this. got to make the best of a bad situation. i think what will happen incidentally is republicans will be faced on monday, on december 31 with having to vote on a much worse proposal than the one they didn't give speaker boehner the majority for. >> chris: the plan b. >> harry reid will pass through the senate on thursday or friday a tax hike on everyone over $250,000 and republicans will have the joyc choice on m, letting it come to a vote. i think the speaker probably has to. b, will they lose 20 or 30 republicans to join the democrats to pass this or not. i think it is a worse outcome but that is what happens when republicans decided they would just be ob cit obstinate and no along with the speake
i know. so now they squabble the tax hikes but now is time for president obama to be talking about raises in washington. who is going to get a bump in pay. new reports that secretary of state hillary clinton is returning after three weeks from recovering from a virus. now she is set to testify on the terror attack in libya that left four americans dead. the question that she will face when she goes to the hill. we'll talk about it. [ malennouncer ] it's tt time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have
at odds over key issues such as creating an income threshold for raising taxes. president obama says gop leaders have rejected his proposals to make a comprehensive deal. republicans say they are willing to work together. so what does this mean for you? coming up in the next hour, we'll talk live with congressman jerry connelly and congressman phil roe for a closer look at the looming deadline. >>> still ahead this hour, secretary of state hillary clinton hospitalized. we'll have an update on her condition. we'll be right back. (vo) sometimes the big plan doesn't work. and the perfect life turns out to be not so perfect. you start fresh. new city. new job. new everything. it's exciting, and scary, at the same time. and some days you think, "i can't do this on my own." but then...i went to suntrust. they helped me figure things out. and before you know it, i am doing it... (anncr) at suntrust, helping people shine is what we do. join the thousands who are switching to suntrust's award-winning service. >>> secretary of state hillary clinton will spend the new year in a new york hospital so
with middle-class americans whose taxes would rise at midnight, president obama announced a possible deal. >> it appears that an agreement to prevent this new year's tax hike is within sight, but it's not done. >> reporter: sources say taxes would rise on income over four to five hundred,000, which the president sees as a big win for him. >> keep in mind just last month republicans in congress said they would never agree to raise tax rates on the wealthiest of americans. obviously the agreement currently being discussed would raise the rates and raise them permanently. >> in democrats are not applauding. they taye the president promised tax hikes bon 250,000. >> i think that's grossly unfair. >> reporter: senate republican lead egg mitch mcconnell made the tax deal with vice president joe biden. >> let's pass the tax relief portion now. >> reporter: a hang upis automatic defense and other spending cuts that kick in at midnight. democrats want a two-year postponementment. the cost covered by the new tax hikes. the president scoffed at republican demands for deeper spending cuts. >> shove o
need a dance partner." >> reporter: on n-b-c's meet the press, president obama made a final pitch for his plan to preserve bush era tax cuts for everyone but the wealthiest americans. >> "regardless of partisan differences, our top sure that taxes on middle that would hurt our economy badly." >> reporter: a major sticking point continues to be the annual income level at which those tax increases should kick in. the threshold has wavered from 250-thousand dollars to as high as one-million dollars. republicans argue the country doesn't have a tax revenue problem, it has a spending problem. >> "unless we do something about spending, the government will continue to get bigger and the deficit will continue to get bigger." >> reporter: following the president's interview, speaker of the statement saying in part: "republicans made every effort to reach the 'balanced' deficit agreement that the president promised the american people.we've been reasonable and responsible. the president is the one who has never been able to get to 'yes.'" >> "what i ran on, and what the american people el
president obama had twice argue in public that raising taxes in an economic downturn would doom the economy. the president of the united states said that and iran on a proposal. lou: two things that seem peculiar. i would love for both of you to respond. i heard a lot of bonn, abou the tea party. the tea party did not exist in this election. it was a non fctor. why in the world would there be so much concerin the republican party about the tea party. why was there an idea that you're better off today than you were four years ago and pick 2008 as the year, he baseline, and it was a lousy year. in point of fact, just about everybody is. what o you make? very quickly. >> your immediate questn, yes, we were better off than the depths of being in a whole. president clinton explained the argument that we were climbing t. by that time election day, th percentage of people is of the country going in their right correction,saw the economy improving, higher than has been, ronald reagan when he was reelected. lou: i don't have the time. >> he was there. lou: this is the -- why did he call -- mixing hi
obama breathing room to hold out for the taxes on high earners. so be it it will be worse for conditions. >> i don't think either side wants this to happen. president obama doesn't want to give an inaugural address . conscience don't want to go over the cliff either. you want to start out in a new congress and in the new year on a right foot with a bipartisan agreement. we'll have a smaller deal hopefully before new years. >> i want to play a sound by the from charles krauthammer and get your take on this. listen to charles. >> it is clear from the beginning he had no intention to solve the fiscal issues. he's been using this and i must say with great skill and ruthless skill and success to fracture and basically shatter the republican opposition. the only redoubt of the opposition is the house . his objective from the very grinning was to break the will of the republican house and to create an internal civil war and he's done that. >> talking about president obama trying to create an internal civil war. you think it is a grand strategy. >> i don't think president obama will do anything.
, talking to staffers on the hill, trying to get some movement in this process. now, president obama, taking real will a tough line on that issue of taxes, it's the big sticking point, has been all along and past negotiations, of course president obama has been criticized by democrats who say that he's given in too quickly on the issue of taxes. of course he campaigned on the issue of raising taxes on wealthier americans. so this time he's not backing down. so these negotiations have really been centered, to some extent, on that issue of taxes. the president really using his bully pulpit to try to pressure congress, congressional republicans, making a number of public appearances, include, of course, during that exclusive interview on "meet the press" today when he said that republicans are to blame for this fiscal cliff stalemate. chris? >> kristin welker, thanks to you and thanks to nbc's kelly o'donnell on the hill as well. more ahead this hour as we continue to cover the ongoing negotiations on the hill. why a small deal now would set up a big fight later. more on secretary of state hill
. >> right. do you macro look at the obama care taxes as being a headwind? >> sure. it's 3.8% on not marginal income tax rates. it's unearned income. but whether it's medical device tax, a question i was going to have for les is whether he sees any delays. do you see any delays in any of the implementations of these. obviously whether it's in minnesota with respect to the medical device tax, senators are talking about delaying implementation until they study this further. do you see that happening? >> seems unlikely. i mean, i know as an ex-minnesotan that they would love to see this tax go away. i'm not sure that that's in the cards. i think it's a fait accompli. it will take longer than people think leading to chaos. in 2014, states that don't expand to medicaid, it's going to leave people in the hole in 2014. i'm not sure how these people will afford insurance without the subsidies. that's 2014, we'll come back next year and worry about that. >> pharma tech has nothing to do with obama care. >> absolutely not. that's why it's done well, between drugs and interest rates. >> so it had nothin
to get a deal for weeks and says the real problem that republicans won't admit that obama won the election. >> on taxes, i know it's hard for republicans but the president ran on the platform. 250. no tax increase for people below but taxes for people above. he won. 60% of voters said they were for it in exit polls including republicans. >> wake of house speaker john boehner's plan "b" failure, all eyes turn to senate leaders harry reid and mitch mcconnell and whether they work out something short of $4 trillion grand bargain. last-minute stop gap. attending tax cut for people making $250,000 or less. and unemployment benefits for 2 million people who will lose the benefits a week after christmas. >> it is going to be a patch. because in four days we can't solve everything. >> yet, other republicans note the president short-term fix raises some taxes, yet punt spending cuts until next year. >> i would vote for revenue, including the tax rate hike though i don't like them to get, to save the country from becoming greece. i'm not going to set aside the $1.2 trillion in cuts. >>
. dre move his business dealings over to ireland? because of their low corporate tax rate. big obama supporter. for all of you people wearing beats headphones that money is going through ireland now because of that problem. heather: okay. before we get off on dr. dre, let's talk a little bit what is going on now, 30 minutes from now, any moment, they're starting to arrive, we have boehner, pelosi, mcconnell, reid. they're on capitol hill. what can president obama offer that both sides can agree to. >> unfortunately for individual members of the republican house it is to their interest to let tax increases go into effect. that way they won't be viewed as having raised taxes. they can come in and easier to negotiate with them. what the president, what we are hearing about what the president is proposing though, is a small deal to get them through the fiscal cliff so that it avoids some of the implications, some of the more damaging implications for the economy. i don't think the fiscal cliff honestly is really going to have a huge impact. our housing market and labor market remained fi
and uncomfortable position of thinking that joe biden is the grownup in the white house. you got a sense from obama he is the sab tier in his own -- saboteur in his own white house. when he said how the republicans have agreed to raising taxes, that was in effect rhetorical poison pill to house republicans. the house republicans want to do is tomorrow when the taxes go all up, that the bush tax cut expire they say that they are voting to cut taxes. they are spinning this to raise taxes. i don't think the republicans should allow themselves to be baited by obama. >> bret: the or thing is talk about the sequester. you will remember of course in debate, in october. the president said this. about the sequester. >> first of all, is sequester is not something that i propose. something that congress is proposed. he will not happen. >> bret: part of the solution for the super committee. that was part of the deal. negotiating now is delay it by a couple of months. which potentially negotiate on fiscal cliff number two, the debt ceiling battle. and throw in dealing with the sequester as well. we're waiting t
to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about that? >> we will get fundamental tax reform i believe as a part of the debt ceiling debate. going over the cliff means that our economy goes in the tank. we've got a very small recovery going on here. it would destroy the recovery, and jon's son is a first lieutenant, going over the cliff means that we start to dismantle the best and finest military in the history of the world at the time we need it the most. so that is unacceptable, that means i've got to vote for something i don't like, raising rates is something i don't like. i think it's a bad idea. but it's going to happen because barack obama insists that it happen. but let me tell you this. he had the courage of his convictions to raise tax rates, i'm going to have the courage of my convictions not to raise the debt ceiling until we reform our nation and stop becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everyt
for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll tax, i think they're not going to extend it. so that goes up -- >> sooner or later they have to go up. >> that's $160 billion -- >> don't we need that money? >> funding social security. so it's very likely that that tax cut will not be extended into the new year. so there's a chance you have a mild recession, even in real terms, in the first half of next year. the good news, i think, my big prediction, i've had for awhile for whatever it's worth, i think we're developing a new nifty 50 in this country of very, very strong companies that are almost bond proxies. and i know a lot of people think they're expensive, but there's no other alternative. there's no other place to go. >> is the market priced appropriately for your estimation -- >> no, i don't think. >> for the first half of 2013. >> if you look at bottom of analyst estimates for 2013 they're still using 113, 114 for operating earnings, an 11% increase. that's with profit mar
of the democrats calling over themselves about what a tragedy it would be to have the bush tax cuts, that they opposed and spent ten years trashing, including obama, that if they lapse that would be the end of the world. we're making progress. democrats are defending the bush tax cuts for 98% of the american people. for 100% of the american people, we'll take that 99%, 98% of movement by the democrats toward the taxpayer position. >> get to the point, grover. i know this argument. >> we don't see it in the established press very often. >> we see you on establishment press pretty often. we spoke on friday afternoon and it was on tv all weekend. the argument that your thoughts don't get out there, all i got were tweets over you being on. >> we are very big on the first amendment at cnn. >> good, look. what we need to do is extend bush era tax cuts for every single american. boehner said let's get that done for 99% americans and he has two points of leverage over the next four years. this fight doesn't end in a week, okay? this is a long-slogging fight. no budget cuts on the table that
no deal. also, it could have been worse that is what we are hearing. dividends taxed at 23 percent with obama's health care rather than 43 percent, that is a sigh of relief. especially older people with fix the investment living east dividends. the big question to wall street is the debt ceiling. they are negotiating three month pause or one year pause. can you imagine how much deficit spending we can get in a year without a cap? >> i am thinking the stock market is because we have hours before the i ball drops, the calm before the storm and watch out wednesday. what do you think in. >> well, watch out wednesday, that is the point. if you look at market the last two weeks, people have been selling ahead of the deal so it is a sell the news type of issue. charles hit the point on the head. this is not a tax issue whether it is $450,000 or $500,000 or $1 million. it is the spending issue. the democrats want to raise the debt ceiling and do not want spending cuts cuts and no sequestration. >> what will happen on wednesday? >> again, i want to caution the stock market will not be the b
obama accused republicans of protecting the wealthiest americans from tax hikes. >> reporter: the president has asked his plan, which includes tax hikes, to be given an up or down vote. >>> i'm watching your money. asian stock markets mostly closed or traded lower today on diminished hopes u.s. lawmakers can come to an agreement on the fiscal cliff. wall street has a full trading day today. checking the numbers for you the dow starts this morning at 12938. that's right below 13,000 after selling off 158 points on friday. of course over concerns about the fiscal cliff. the nasdaq lost more than 25 points and the s & p 500 was off by around 16 points. >>> real estate in ocean city is moving off the market at a very brisk pace right now. numbers from the coastal association of realtors shows a 25% reduction in the inventory of unsold condos in ocean city. that includes multi-million dollar properties. the data show contracts are up 14% year to date with settlements up 6%. inventory increased sharply from march through november after being flat from last december to last march. r
obama promised in his campaign to lower the corporate tax rate, which i believe would bring some corporations back to set up their factories of in america and said of china, india, brazil. it just seems like congress and our leaders in general are trying to bring america down equal to the other nations of the world. i believe it is all headed for a one world government. they have to knock america down before they can get us equal with the other countries in the world. we are building the other countries up. it's a cinch to me like our leaders reject i agree with the last caller, there should be term limits. after they are in there so long, their interest is not in helping america. it seems to me like they are positioning for money in their own pockets or they become lobbyists. this secreted a law that they should not be able to become lobbyists for a few years sucker they leave congress or senate. they need to just bring america back up. if it would bring more jobs back to america, then we would have more taxes to be collected. host: more in the financial times this morning. capi
at midnight. economists have been warning us the combination of tax hikes and spending cuts could cause another recession. now, president obama and the senate republican leaders say they are close to a deal to prevent tax hikes on the middle class. the trouble is, the house has gone home and won't be voting on anything tonight. >> for now, our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. >> we all want to protect taxpayers, and we can get it done now. right now. >> trace: officials tell fox news agreement would let tax cuts expire on $450,000 instead of the president's cut off $250,000. extend unemployment benefits for another year it does not include any new spending cuts. of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers ar
. on meet the press, president obama called on lawmakers to reach an agreement. if no deal is made, it would be the large of the tax hike since world war ii. >>> secretary of state hillary clinton remains in a new york city hospital this morning after doctors discovered a blood clot stemming from a concussion she had earlier this month. now, a spokesperson for clinton says she is being treated with medication and will most likely stay in the hospital for the next 48 hours. the clot was discovered yesterday during a follow-up appointment. >>> same-sex couples in maryland will be able to marry tomorrow on new year's day. state lawyers said because january 1st is a holiday and because there is a two-day wait period for licenses to take effect, they could not marry until january 4th. the state's attorney general now says all of the licenses will take effect tomorrow. >>> 2012 was another tough year for the economy. >> so it is no surprise that lottery sales were up. fox's claudia cowan has a look for us. >> are you going to walk away with it? let's find out u. >> reporter: even when times are to
know is that harry reid will likely reap introduced president obama's campaign season plan which would extend the tax cuts to americans making less than $250,000 a year but raise taxes on the wealthier americans. this is something republicans have turned down time and time again. >> maryland could lose hundreds of millions of dollars if we do go off the fiscal cliff. kim dacey is live with have the gridlock in washington is affecting us in maryland. >> we have a lot of people employed by the federal nt.ernment that rely o many are watching the negotiations closely. lawmakers cannot reach a budget deal, some say maryland could shoulder a greater burden than some other states. a report that estimates of just how that affect would be. maryland would lose $117.6 million in federal funding next year. the state would have to reallocate spending and make cuts. >> perhaps raising thresholds for individuals receiving aid. it would be a challenge. >> 53,000 jobs would be lost in 2013, it is estimated. that number could be higher. the state will lose about $268 million in 2013. >> the ability for
president obama has proposed. he's proposed a plan that would extend all the middle class tax cuts and provide extended unemployment benefits for people who are out of work through no fault of their own who are still looking for a job. that's exactly the proposal the president has put forward. that's exactly the proposal that we have asked to have a vote on in the house of representatives. we haven't asked speaker boehner to support the bill. we have just asked them to have a vote on exactly the kind of proposal that you and that caller were talking about. >> we are now four days out. we'll see what happens. congressman, thank you very much. >> thank you. >>> we're back after another break. >>> you know her from tv and movie, but you may not know what she's dedicated her life to, giving back. here's big stars, big giving and eva longoria. >> i'm being pulled in a million different directions. sex trafficking in thailand or dolphins in japan. you can't do everything. so i'm thinking what do i really want to do. where can i create the most impact? >> reporter: to answer that question
to be to make sure that taxes on middle class families do thought go up that would hurt our economy badly. we can get that done. >> president obama called for immediate action, but there was that vote in the senate tonight. >> we are going to come in at 11:00 a.m. tomorrow morning, and we will have further announcements perhaps at 11:00 in the morning. i certainly hope so. >> mitch mcconnell frustrated with the lack of progress called vice president biden in for help. biden is now said to be playing a direct role. >> there is no single issue that remains an impossible sticking point. the sticking point appears to be a willingness or interest or want to close the deal. >> drastic spending cuts will go into affect and taxes go up for everyone. the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as
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